Crocs capitalizes on holes in clogs and tax code
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A Crocs store in New York City. Photo: Marcin Golba/NurPhoto via Getty Images
It's been another busy month for the Boulder-area business scene.
The big picture: A longtime Pearl Street shop is closing, an alt-weekly may be coming back to life, and Crocs is getting attention for its Mediterranean tax strategy.
- Here's what you may have missed:
🐊 Broomfield-based Crocs is among a growing number of major U.S. companies using Malta to sharply reduce their tax bills, according to a New York Times investigation.
- The Boulder County-born company has routed its global profits through a Maltese operation with just two employees, the Times reports.
- Maltese filings show the arrangement cut Crocs' 2023 tax bill by $218.6 million.
📰 Boulder Weekly has a new owner after firing its editorial staff and halting publication last year.
- Meaghan Levy confirmed in an email to BizWest that she bought the alt-weekly. Levy also owns the Berthoud Weekly Surveyor.
- Levy hasn't detailed any plans to revive Boulder Weekly, but its website has begun publishing short pieces online again.
🥞 Ferrero SpA, the Italian company behind Nutella, Tic Tac and Kinder, is buying Purely Elizabeth, a Boulder-based maker of natural pancake mixes, oatmeal and granola products, according to BizWest.
- Financial details of the sale haven't been released.
⚛️ Infleqtion Inc., a University of Colorado Boulder-born quantum-technology firm, is consolidating its Colorado operations in a new Louisville facility dubbed the Colorado Quantum Innovation Center.
- The company previously operated out of both Louisville and Boulder.
- Infleqtion, which raised $100 million in Series C round funding last summer, uses neutral-atom technology to build quantum technology.
🇳🇵 Boulder Bazaar, a Pearl Street boutique known for handcrafted Nepalese and Tibetan clothing and goods, will close at the end of August after nearly 20 years.
- Owner Venus Sakha told Boulder Reporting Lab that declining sales and sparse foot traffic at 1500 Pearl St. have made it difficult to cover the rent.
🏨 The Hotel Boulderado is a finalist for a pair of Historic Hotels of America awards, BizWest reports.
- The downtown landmark is up for the Best City Center Historic Hotel award and the Best Social Media of a Historic Hotel honor.